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Wild Card Law On Move

Wild Card Law On Move

  • A. 7604 (Buttenschon)/S.5411 (Sanders) – which would extend the banking “wild card” law until September of 2024 – has now passed the Assembly and is pending in the Senate. The law, which allows the State Department of Financial Services (DFS) to maintain the viability and competitiveness of the New York State banking charter vis-a-vis the federal banking charter, is due to expire this September.
  • A. 6909A (Weinstein)/S.4827A (Thomas) to enact the “Credit Consumer Fairness Act” has been approved by the Assembly Judiciary Committee. The bill would shorten the statute of limitations for consumer credit transactions from the current six years to three years and extinguish the debt after that time. 
  • A. 5635A (DenDekker)/S.5575A (Thomas) would expand the current data breach notification requirements and include a limited exemption for banks that notify of breaches under the Gramm-Leach-Bliley Act to avoid duplicate obligations. The bill has passed the Senate and was reported by the Assembly Ways & means Committee. 
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